51-year-old Jack Mark Moore of Nipomo pled guilty to four offenses connected to a fraud scheme, which caused more than $47 million in losses to its victims.
The scheme went on for 11 years until he told his family in the fall of 2011. He talked to federal authorities last year.
Prosecutors say Moore misappropriated millions from his in-laws and five banks- including three on the central coast.
Moore will be sentenced on July 29th. He could spend the rest of his life in prison.